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On April 30, 2016, Rudolph Inc. purchased a three-year insurance policy with a cash payment...

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Accounting

On April 30, 2016, Rudolph Inc. purchased a three-year insurance policy with a cash payment of $ 24,300.

Coverage began immediately. Required:

1. What is the amount of Insurance Expense relating to this insurance policy that will be reported for the year ended December 31, 2016?

2. What is the amount of Prepaid Insurance relating to this insurance policy that will be reported on the December 31, 2016 Balance Sheet?

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